Welcome to June and the unofficial start of Summer. The debt ceiling issue has been resolved and interest rates are starting to come back down. Phew!! Conforming rates had gone from 6.625% on May 12th to 7.25% two weeks later. That is a big jump! That, combined with the Memorial Day holiday, took a little wind out of the sails for sales for NW Seattle. As I stated, interest rates are coming back down and were at 7% on Friday.
This past week we had 55 new listings with 45% of them having review dates. We had 36 homes go under contract. Homes going under contract have been very consistent, averaging about 81 every two weeks since the end of March. It is nice to see this consistency in the number of homes going under contract. During that same period new listings have averaged 94 every two weeks. It’s easy to see why inventory levels have been moving up. We currently have 187 homes available in NW Seattle.
The market to the north in SW Snohomish is slightly more robust but is still experiencing the same – inventory levels rising. They currently have 122 homes for sale, up from 84 a month ago. Since early April, they have averaged each week 35 new listings and 31 going under contract. The past two weeks have been slower, but again that is due to the holiday and the higher interest rates. This past week we had 47 new listing with 51% having review dates. What I noticed though was that of the homes listed for $1.2M and below, 74% had review dates. This is definitely higher than NW Seattle. However, NW Seattle tends to have more townhouse listings and the townhouse market is not as robust as single-family listings.
| During the Last 2 Weeks: | Previous 2 Weeks: |
| Inventory – 187 | Inventory – 188 |
| New Listings – 87 | New Listings – 109 |
| Under Contract – 81 | Under Contract – 81 |
| Sold – 70 | Sold – 85 |
| Price per Sq/Ft – $571 | Price per Sq/Ft – $558 |
-Steve & Sandra
𝐴𝑛𝑑 𝑎𝑠 𝑎𝑙𝑤𝑎𝑦𝑠, 𝑖𝑓 𝑦𝑜𝑢 ℎ𝑎𝑣𝑒 𝑎𝑛𝑦 𝑎𝑑𝑑𝑖𝑡𝑖𝑜𝑛𝑎𝑙 𝑟𝑒𝑎𝑙 𝑒𝑠𝑡𝑎𝑡𝑒 𝑞𝑢𝑒𝑠𝑡𝑖𝑜𝑛𝑠, 𝑓𝑒𝑒𝑙 𝑓𝑟𝑒𝑒 𝑡𝑜 𝑐𝑎𝑙𝑙/𝑡𝑒𝑥𝑡 𝑢𝑠 𝑎𝑛𝑦 𝑡𝑖𝑚𝑒! 𝑊𝑒’𝑟𝑒 𝑎𝑙𝑤𝑎𝑦𝑠 ℎ𝑒𝑟𝑒 𝑡𝑜 ℎ𝑒𝑙𝑝!
Brenner | Hill Real Estate
Steve 📲 (c) 206-769-9577 📧stevehill@windermere.com
Sandra 📲 (c) 206-271-7100 📧sbrenner@windermere.com
🔗 Brennerhill.com
Windermere Real Estate /FN
12250 Greenwood Ave N
Seattle, WA 98133
